The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has recently been honored with the title of “Insurance Adviser of the Year – Africa” at the esteemed IJInvestor Awards 2024. This recognition highlights ICIEC’s significant role in driving impactful initiatives that promote sustainable development and enhance the quality of life across the African continent.
One of the key projects that contributed to ICIEC’s recognition was its collaboration with the African Development Bank (AfDB) in Côte d’Ivoire. Together, they provided €194 million in insurance support for financing projects focused on environmental, social, and governance (ESG) criteria. These initiatives include investments in renewable energy, education, pollution control, biodiversity conservation, health infrastructure, and sustainable water management, aligning with Côte d’Ivoire’s Sustainable Framework.
In Senegal, ICIEC partnered with Standard Chartered to sign a €103 million insurance agreement to support the government’s initiative to install 50,000 off-grid solar streetlamps in rural areas. This project aims to promote the adoption of renewable energy, improve safety, boost economic activities, reduce carbon emissions, and enhance the quality of life in rural communities.
Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC, expressed his pride in receiving this award and highlighted ICIEC’s commitment to enabling sustainable development and resilience in its member states. By facilitating innovative and impactful projects, ICIEC continues to support sustainable growth and contribute to the achievement of the UN Sustainable Development Goals.
ICIEC’s leadership in leveraging Shariah-compliant insurance to catalyze development and empower member states has been recognized through this prestigious award. The Corporation’s dedication to creating lasting positive change and promoting sustainable development is evident in its ongoing efforts to support impactful projects across Africa.
For more information about ICIEC and its initiatives, visit their website at https://ICIEC.IsDB.org. Stay updated on ICIEC’s latest news and developments by following them on social media platforms such as X, Facebook, LinkedIn, YouTube, and Instagram.
About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC, established in 1994, aims to strengthen economic relations between OIC Member States and promote trade and investments within the OIC community by providing risk mitigation tools and financial solutions. As the only Islamic multilateral insurer in the world, ICIEC has been at the forefront of delivering comprehensive solutions to companies and parties in its 50 Member States. With a strong credit rating from Moody’s and a stable outlook from S&P, ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. To date, ICIEC has insured over US$114 billion in trade and investment across various sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture.
